Interim report
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INTERIM REPORT JANUARY-SEPTEMBER 2026 NITRO GAMES OYJ
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 2 NITRO GAMES INTERIM REPORT JANUARY – SEPTEMBER 2026 JULY – SEPTEMBER 2026 • Revenue (Jul–Sep): 1,372 KEUR (2,117 KEUR). • EBITDA: 73 KEUR (532 KEUR). • OperaAng profit (EBIT): -285 KEUR (173 KEUR). • Profit for the period: -303 KEUR (149 KEUR). • Earnings per share (EPS): -0.01 EUR (0.01 EUR). JANUARY – SEPTEMBER 2026 • Revenue (Jan–Sep): 3,898 KEUR (6,254 KEUR). • EBITDA: 1,816 KEUR (851 KEUR). • OperaAng profit (EBIT): 786 KEUR (-177 KEUR). • Profit for the period: 756 KEUR (-252 KEUR). • Earnings per share (EPS): 0.03 EUR (-0.01 EUR). • Cash and cash equivalents: 1,115 KEUR and 816 KEUR of trade receivables (30 September 2026). (Unless otherwise stated, the comparison figures in brackets refer to the corresponding period in the previous year.) SIGNIFICANT EVENTS DURING JULY - SEPTEMBER 2026 • Nitro Games signed an approx. EUR 2.1 million development agreement. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD • No significant events to date. OTHER EVENTS • Warhammer 40,000: Boltgun Boom was released on mobile. • Cowboy Hop, the first game with Ethereal Gaming, was released. • Signed a development and co-publishing agreement with Team17 a_er the period. ABOUT NITRO GAMES Nitro Games is a game developer and publisher, backed by a mulAnaAonal team of gaming professionals with experAse spanning game development, publishing, and live operaAons. Specializing in acAon and shooter games, Nitro Games is dedicated to creaAng high-quality experiences for a global audience. The company has built a strong poraolio of engaging and innovaAve games. Nitro Games also has a proven history of collaboraAng with leading brands and companies, offering tailored development and publishing services to select partners. Nitro Games’ shares are listed on Nasdaq First North Growth Market with the Acker NITRO. The CerAfied Adviser is FNCA Sweden AB. www.nitrogames.com. Finnish Business ID: 2134819-6
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 3 A WORD FROM JUSSI TÄHTINEN, CEO Careful investments in New Growth This year, our focus is on invesAng in New Growth, which is also our theme for the year. We pursue new games, new collaboraAons, and new partner projects, all aimed at increasing our game revenues moving forward. Our strategy supports a sound business by prioriAsing profitability over top-line revenue growth. The reporAng period reflects our goals for this year well as we lay the groundwork for our ongoing strategy period (2026–2030). Our revenue for the first nine months amounted to EUR 3.9 million (6.3), and EBITDA was EUR 1.8 million (0.9). This profitability, despite the decline in revenue, resulted from the waiver of repayment of our Business Finland loan and careful cost control. While we invested in product development and markeAng on several different games that are expected to generate revenue moving forward, we are keeping our cash posiAon at a healthy level. We’re picking up the pace as we move towards the end of the year. We started the launch phase for WH40k: Boltgun Boom at the end of the quarter. This launch has been a rollercoaster ride so far. We wrapped up a successful pre-registraAon phase towards the end of September, during which we gained a whopping 1 million pre-registraAons. This was a posiAve surprise to us and essenAally doubles our target. This massive interest translated into a significant spike in downloads very early on in the launch. This is, of course, good for us and meant that the game started to contribute to revenue during the last few days of the quarter. But it also meant that we ahracted many players from lower-Aer countries with lower end conversion to purchases. We ‘re happy to see very strong raAngs (4.7/5 on both plaaorms) and notably increasing conversion to purchases a_er the period. The overall feedback has been absolutely great, and we’re both proud and humbled to see both the editors and players praising the quality of the game and its gameplay. We’re also happy to see both Apple and Google giving us strong visibility in their storefronts so far, including selecAons for Editors’ Choice and Game of the Day. These are strong testaments to the quality of the game and give us confidence as we push forward with the launch and upcoming events to take the game higher. We’re not there yet, but we’re excited about what’s ahead of us. This is our first Ame doing a “try before you buy” game, so there are many things to learn as we go and prepare for the next ones to come. Speaking of what’s to come, we’re working hard on the other fronts too and look forward to more things seeing the light of day as we move towards the end of the year. We signed a follow-up agreement with a European game developer and publisher during the quarter and are very happy with how things are developing as we move forward in producAon. We have new games in development (PC, mobile, iGaming) with new things expected to surface one by one and, of course, new partnerships brewing. We announced one of these partnerships a_er the reporAng period, when we signed an agreement with Team17. Overall, this year is far from over, and we remain hard at work as we conAnue to explore New Growth opportuniAes and lay the groundwork for a great strategy period 2026-2030. Jussi TähAnen CEO
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 4 KEY PERFORMANCE INDICATORS Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full year 2025 Revenue (EUR thousand) 1,371.9 2,117.4 3,898.5 6,253.7 8,465.4 EBITDA (EUR thousand) 73.1 531.8 1,815.9 851.2 1,621.1 EBITDA % 5.3% 25.1% 46.6% 13.6% 19.1% OperaDng profit/(loss) (EBIT) (EUR thousand) -284.8 173.3 786.2 -176.6 233.3 OperaDng profit/(loss) % (EBIT %) -20.8% 8.2% 20.2% -2.8% 2.8% Net profit/(loss) (EUR thousand) -302.8 149.3 756.2 -252.4 137.5 Net profit/(loss) % -22.1% 7.1% 19.4% -4.0% 1.6% Net liabiliDes (EUR thousand) 1,305.1 2,513.8 1,305.1 2,513.8 2,115.7 Total equity (EUR thousand) 3,439.7 2,218.4 3,439.7 2,218.4 2,630.1 Equity raDo (%) 58.7% 37.1% 58.7% 37.1% 42.0% Number of shares, weighted average 24,924,364 24,924,364 24,924,364 24,924,364 24,924,364 Number of shares, weighted average diluted 24,924,364 24,927,364 24,928,944 24,927,364 24,927,364 Number of shares at the end of the period 24,924,364 24,924,364 24,924,364 24,924,364 24,924,364 Number of share opDons 3,688,970 2,544,970 3,688,970 2,544,970 2,591,970 Number of special rights 0 0 0 0 0 Equity per share (EUR) 0.14 0.09 0.14 0.09 0.11 Basic earnings per share (EUR) -0.01 0.01 0.03 -0.01 0.01 Diluted earnings per share (EUR) -0.01 0.01 0.03 -0.01 0.01 Number of employees, average 39 50.3 39.7 50 48.8
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 5 SIGNIFICANT EVENTS DURING JULY– SEPTEMBER 2026 Development agreement of approx. EUR 2.1 million. Nitro Games signed a development services agreement of approx. EUR 2.1 million with a European game developer and publisher. The work covers an unannounced mobile shooter game based on the partner's IP . The agreement conAnues earlier, smaller orders from the same customer, and brings the total value of orders from this customer to approx. EUR 4.1 million. The work is expected to be completed in early 2027 and has conAnued without interrupAon. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD No significant events have been published a_er 30 September 2026. OTHER EVENTS (non-regulatory releases) Warhammer 40,000: Boltgun Boom released on mobile. Nitro Games released the mobile adaptaAon of Warhammer 40,000: Boltgun globally on the Apple App Store and Google Play. The original PC and console game was developed by Auroch Digital, and the IP belongs to Games Workshop. Cowboy Hop released with Ethereal Gaming. Cowboy Hop is the first iGame released under the partnership with Ethereal Gaming announced earlier in 2026. Nitro Games develops a poraolio of iGames, and Ethereal Gaming distributes them in selected markets and networks. Revenue is shared based on commercial performance. Development of the next games conAnues. Nitro Games signed a development and co-publishing agreement with Team 17 aWer the period. Under this agreement, Nitro Games will provide Team17 with game development and co-publishing services for one of its games. The game is planned to be announced at a later date. Nitro Games will act as the developer of the game and provide publishing support, while Team17 will act as its publisher. The parAes have agreed on a shared-cost, shared-reward model, under which Nitro Games will contribute to the development costs in exchange for a notable share of the game’s sales revenue. REVENUE & RESULT Revenue and EBITDA development, KEUR 2,434 1,7022,1172,212 1,4981,0281,372 416 -97 532782431 1,312 73 -50005001,0001,5002,0002,5003,000 Q1/25Q2/25Q3/25Q4/25Q1/26Q2/26Q3/26 Quarterly, KEURRevenueEBITDA 6,254 3,898 8511,816 01,0002,0003,0004,0005,0006,0007,000 Jan–Sep 2025Jan–Sep 2026 Nine months, KEUR
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 6 Revenue declined year-on-year in both the third quarter and the first nine months of 2026, in line with the Company's strategic shi_ away from partner projects toward internally driven opportuniAes, prioriAsing profitability over top-line growth. Reported EBITDA and profit for the period improved significantly compared to the prior year, mainly reflecAng a one-off, non-cash gain of 1,613 KEUR from the forgiveness of a government-subsidised loan, recognised in Q2 2026 (see Note 8). Excluding this item, EBITDA excluding the one-off gain was approximately 203 KEUR for Jan–Sep 2026 (851 KEUR) and approximately 73 KEUR for Q3 2026 alone (532 KEUR), broadly in line with the lower revenue base for the period. Revenue amounted to 1,372 KEUR in Q3 2026 (2,117 KEUR), a decrease of 35.2%, and 3,898 KEUR for 9 months 2026 (6,254 KEUR), a decrease of 37.7%. EBITDA amounted to 73 KEUR in Q3 2026 (532 KEUR) and 1,816 KEUR for 9 months 2026 (851 KEUR). The nine months periods include the 1,613 KEUR one-off loan forgiveness gain; see above for the underlying (excluding one-off) comparison. OperaAng profit (EBIT) amounted to -285 KEUR in Q3 2026 (173 KEUR) and 786 KEUR for nine months 2026 (-177 KEUR). Profit for the period amounted to -303 KEUR in Q3 2026 (149 KEUR) and 756 KEUR for nine months 2026 (-252 KEUR). Cost structure Materials and services expenses were 346 KEUR in Q3 2026 (557 KEUR), a decrease of 37.9%, and 763 KEUR for nine months 2026 (1,643 KEUR), a decrease of 53.6%. These costs include third-party costs related to game development and maintenance (outsourced services), game markeAng costs such as user acquisiAon (UA), and store fees and other costs recouped or deducted by stores or release partners. The decrease is mainly due to capitalisaAon of development costs. Personnel expenses amounted to 576 KEUR in Q3 2026 (697 KEUR), a decrease of 17.4%, and 1,896 KEUR for nine months 2026 (2,582 KEUR), a decrease of 26.6%. These expenses consist of wages, salaries and social security costs. The decrease reflects conAnued structural opAmisaAon aimed at strengthening long-term sustainability, as well as capitalisaAon of development costs. Other operaAng expenses (OPEX) amounted to 377 KEUR in Q3 2026 (332 KEUR), an increase of 13.6%. The increase in costs during the reporAng period was driven by a general rise in IT and so_ware expenses, as well as higher one-off internaAonal travel expenses during the quarter. And 1,036 KEUR for nine months 2026 (1,178 KEUR), a decrease of 12.0%. This reducAon reflects the Company’s focus on operaAonal efficiency and disciplined financial management. These expenses mainly consist of third-party costs related to accounAng, office rent, legal services, stock exchange fees, IT hardware and so_ware (including analyAcs so_ware), travel expenses, and other office-related costs.
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 7 CASH FLOW AND FINANCIAL POSITION EUR thousand Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full year 2025 Net cash from operaDng acDviDes -435.5 209.4 1,769.4 828.2 1,401.2 Net cash used in invesDng acDviDes -310.4 -253.2 -829.1 -836.3 -1,096.4 Net cash from financing acDviDes -27.3 -18.5 -1,347.2 -768.4 -800.8 Change in cash and cash equivalents -773.2 -62.3 -406.9 -776.5 -496.0 Cash and cash equivalents at the beginning of the period 1,888.2 1,302.2 1,521.7 2,016.1 2,016.2 Cash and cash equivalents at the end of the period 1,114.9 1,239.5 1,114.9 1,239.5 1,521.7 Net cash used in operaAng acAviAes was 436 KEUR in Q3 2026 (compared with 209 KEUR generated in Q3 2025). Net cash used in invesAng acAviAes was 310 KEUR (253 KEUR), primarily relaAng to capitalised development expenditure (see Investments and depreciaAon). Closing cash and cash equivalents were 1,115 KEUR (1,240 KEUR). Net cash used in financing acAviAes was 27 KEUR in Q3 2026 (19 KEUR in Q3 2025). The EUR 1.613 million government-subsidised loan forgiveness was recognised in Q2 2026 and was a non-cash transacAon, not a Q3 financing cash oualow. Taken together, total cash decreased by 773 KEUR during the quarter, resulAng in a cash balance of 1,115 KEUR at the end of September 2026 (1,240 KEUR). For the first nine months of the year, cash decreased by 407 KEUR (777 KEUR). Net cash from operaAng acAviAes of 1,769 KEUR (828 KEUR) includes the non-cash loan forgiveness gain of 1,613 KEUR (see Note 8). There were no new loan drawdowns during the quarter. INVESTMENTS AND DEPRECIATION Nitro Games invests in reusable technology and product components. The games and associated technology are being developed so that they enable the company’s game products to be offered on mulAple device plaaorms and through mulAple distribuAon channels. The shared technology and processes can be uAlized by several different projects. The Company has assessed that the capitalizaAon criteria for development expenses under IAS 38 are met. These include, among others, technical feasibility, the ability and intenAon to bring the plaaorm into use, demonstrable future economic benefits, sufficient resources to complete the project, and reliable measurement of costs. Development expenses have been capitalized in the balance sheet during 2026 to the extent that they relate to the plaaorm and publishing architecture, which are central to the Company’s strategy. New development costs were capitalized from January to September by a total of 829 KEUR (836 KEUR), and 310 KEUR (253 KEUR) in the third quarter. This includes third-party costs related to game development and maintenance (outsourced services), personnel costs, and other costs, which are directly related to the game projects. These capitalized development costs are amorAzed over a five (5) year period on a straight-line basis. DepreciaAon and amorAsaAon were recognised according to the applicable amorAsaAon and depreciaAon policies, consisAng mostly of capitalized development costs from previous years. The depreciaAons amounted to a total of 1,030 KEUR (1,028 KEUR) January to September 2026 and 358 KEUR (359 KEUR) in the third quarter. PERSONNEL Nitro Games employs skilled professionals across all areas of game development and actively invests in developing its talent and expertise. The company fosters a flat, open, and collaborative culture that values transparency, respect, and employee well-being. The workforce is international and diverse, with many employees having relocated to Finland. Compared to industry averages, Nitro Games has a higher proportion of women and young professionals, reflecting its inclusive and forward-looking company culture.
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 8 From January to September 2026, Nitro Games’ average number of employees was 39.7 (50.0). Jul–Sep 2026 Jul–Sep 2025 Change, % Jan–Sep 2026 Jan–Sep 2025 Change, % FY 2025 Employees (average for the period) 39.0 50.3 -22.5 39.7 50.0 -20.6 48.8 Employees (end of period) 39.0 50.0 -22.0 39.0 50.0 -22.0 42.0 MARKET Nitro Games is a game developer and publisher operaAng in the global gaming market. Specializing in acAon and shooter games, Nitro Games is dedicated to creaAng high-quality experiences for a global audience. The company also has a proven history of collaboraAng with leading brands and companies, offering tailored development and publishing services to select partners. In 2025, the global games market was esAmated to be worth around USD 189 billion, approximately 3.4 percent higher compared to the previous year. Mobile games represent 55 percent of the global games market with USD 103 billion; Console games represent 24 percent with USD 46 billion, and PC games represent 21 percent with USD 40 billion. The total games market is expected to grow with a CAGR (2025–2028) of approximately +3% and is expected to reach USD 206.5 billion in 2028. Nitro Games' core segments are growing faster than the overall market: according to Newzoo's PC & Console Gaming Report 2026, the combined PC and console games market grew approximately 7 percent in 2025 to around USD 86 billion — the first significant growth since 2020 — and is forecast to reach approximately USD 103.7 billion by 2028, with PC games growing at an average rate of 6.6 percent and console games at 4.4 percent. Source: Newzoo 2026 RELATED PARTY TRANSACTIONS Nitro Games' related parAes include its potenAal subsidiaries, associates, key management personnel, and their close family members and enAAes under their control, as well as enAAes with significant influence over Nitro Games. There have been no significant related party transacAons. THE SHARE AND SHAREHOLDERS Nitro Games’ shares have been traded on Nasdaq First North Growth Market in Stockholm since June 16, 2017. As of September 30, 2026, Nitro Games' share capital amounted to 80 KEUR, and the number of shares was 24,924,364. Each share enAtles its shareholder to one vote in the general meeAng. The shares have no nominal value. Nitro Games does not own its own shares. The table below presents the ten largest holdings based on registered and disclosed ownership informaAon as of 30 September 2026. Holdings under common control have been aggregated where indicated.
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 9 Shareholders Number of shares % of shares and votes FörsäkringsakDebolaget Avanza Pension 4,580,253 18.38 Jönsson Jimmy 1,429,668 5.74 Dino Pa] Holdings ApS 1,253,569 5.03 Ivarsson Alexander 1,197,375 4.80 Nikkola Ma] 1 1,091,378 4.38 Biehl Johan 2 848,004 3.40 CBNY-NaDonal Financial Services LL 723,588 2.90 Lejonkula Håkan 700,000 2.81 Nordnet Pensionsförsäkring AB 638,163 2.56 Mafsson Emil 631,357 2.53 Others 11,831,009 47.47 The total number of shares 24,924,364 100.00 1. Including Oy AjoRanta Group Ab, which is fully owned by MaI Nikkola (CFO) 2. Chairman of the Board. Note: FörsäkringsakUebolaget Avanza Pension is presented as the registered shareholder. Its holding represents aggregated posiUons linked to mulUple underlying policyholders and does not represent the holding of a single underlying investor. Source: Euroclear Sweden AB and Euroclear Finland ltd, shareholder registers as of 30 September 2026. CALCULATION OF EARNINGS PER SHARE Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full year 2025 Net profit/(loss) (EUR thousand) -302.8 149.3 756.2 -252.4 137.5 Number of shares, average 24,924,364 24,924,364 24,924,364 24,924,364 24,924,364 Number of shares, average diluted 24,924,364 24,927,364 24,928,944 24,927,364 24,927,364 Number of shares at the end of the period 24,924,364 24,924,364 24,924,364 24,924,364 24,924,364 Number of share opDons 3,688,970 2,544,970 3,688,970 2,544,970 2,591,970 Number of special rights 0 0 0 0 0 Equity per share (EUR) 0.14 0.09 0.14 0.09 0.11 Basic earnings per share (EUR) -0.01 0.01 0.03 -0.01 0.01 Diluted earnings per share (EUR) -0.01 0.01 0.03 -0.01 0.01
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 10 REGULATORY INFORMATION EU Market Abuse Regulation This company announcement contains information that Nitro Games Oyj is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by contact person mentioned below on 26 October 2026 at 09:00 (EET). Certified Adviser Nitro Games’ Certified Adviser is FNCA Sweden AB, info@fnca.se, +46 8 528 00399. Review This report has not been reviewed by the company’s auditors. INVESTOR CONTACT The latest informaAon on the company is published on the Company’s website, www.nitrogames.com/investors. The Company can be contacted by email at jussi@nitrogames.com, or by phone at +358 44 388 1071. FINANCIAL CALENDAR - Year – End Report (Jan – Dec) 2026, 15 February 2027 - Annual Report 2026, 19 April 2027 - Interim Report (Jan – Mar) 2027, 26 April 2027 - Annual General MeeAng 2027, 17 May 2027 - Half – Year Report 2027, 16 August 2027 - Interim Report (Jan – Sep) 2027, 18 October 2027 - Year – End Report (Jan – Dec) 2027, 14 February 2028 - Annual Report 2027, 17 April 2028 - Interim Report (Jan – Mar) 2028, 24 April 2028 FOR FURTHER INFORMATION, PLEASE CONTACT: Jussi TähAnen CEO +358 44 388 1071 jussi@nitrogames.com BOARD DECLARATION The Board of Directors and the Chief ExecuAve Officer hereby confirm that, to the best of their knowledge, this Interim Report has been prepared in accordance with IAS 34 Interim Financial ReporAng and gives a true and fair view of the assets, liabiliAes, financial posiAon and profit or loss of the Company. Kotka, Finland, 26 October 2026 Johan Biehl, Chairman Any Villanen Jimmy Jönsson Jussi TähAnen, CEO
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 11 FINANCIAL STATEMENTS STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME EUR Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full year 2025 Revenue 1,371,893 2,117,444 3,898,462 6,253,748 8,465,370 Other operaDng income – 290 1,613,026 290 290 Materials and services -345,780 -556,844 -763,053 -1,642,916 -1,903,470 Employee benefits expense -575,887 -697,017 -1,896,290 -2,581,865 -3,378,144 DepreciaDon and amorDsaDon -357,940 -358,510 -1,029,641 -1,027,806 -1,387,800 Other operaDng expenses -377,121 -332,044 -1,036,260 -1,178,043 -1,562,949 OperaWng profit -284,836 173,319 786,244 -176,593 233,296 Net financing result -17,937 -23,980 -30,088 -75,783 -95,839 Profit before tax -302,773 149,338 756,156 -252,376 137,457 Income tax expense – – – – – Profit (loss) for the period -302,773 149,338 756,156 -252,376 137,457 Other comprehensive income – – – – – Total comprehensive income for the period -302,773 149,338 756,156 -252,376 137,457 Earnings per share Basic earnings per share (EUR) -0.01 0.01 0.03 -0.01 0.01 Diluted earnings per share (EUR) -0.01 0.01 0.03 -0.01 0.01
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 12 STATEMENT OF FINANCIAL POSITION EUR 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets 3,581,541 3,837,536 3,736,038 Intangible assets 3,311,207 3,540,474 3,450,368 Right-of-use assets 120,010 119,937 108,545 Non-current receivables 4,861 31,661 31,661 Deferred tax assets 145,464 145,464 145,464 Current assets 2,278,199 2,134,120 2,531,510 Trade receivables 816,248 681,342 789,984 Prepayments and accrued income 346,987 213,271 219,856 Cash and cash equivalents 1,114,964 1,239,507 1,521,670 Total assets 5,859,740 5,971,656 6,267,548 EQUITY AND LIABILITIES Issued capital 80,000 80,000 80,000 Reserves 30,495,627 30,475,843 30,476,856 Retained earnings -27,892,089 -28,085,072 -28,064,181 Profit (loss) for the period 756,157 -252,376 137,457 Total equity 3,439,695 2,218,396 2,630,132 Non-current liabiliKes 1,188,474 2,476,171 2,871,830 Interest-bearing loans and borrowings 1,129,872 2,397,619 2,800,826 Trade and other payables – 556 – Lease liabiliQes 58,602 77,996 71,004 Current liabiliKes 1,231,572 1,277,089 765,585 Trade and other payables 315,420 171,395 101,825 Interest-bearing loans and borrowings 382,000 403,207 – Lease liabiliQes 66,083 47,804 43,519 Other current financial liabiliQes 64,334 82,589 62,402 Accrued liabiliQes 403,735 572,094 557,840 Total liabiliKes 2,420,045 3,753,260 3,637,415 Total equity and liabiliKes 5,859,740 5,971,656 6,267,548
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 13 STATEMENT OF CASH FLOWS EUR thousand Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full year 2025 CASH FLOWS FROM OPERATING ACTIVITIES OperaWng profit -284.8 173.3 786.2 -176.6 233.3 Adjustments for: DepreciaDon and amorDzaDon 357.9 362.1 1,029.6 1,031.0 1,398.3 OperaDng expenses non-cash 9.3 1.4 18.8 23.5 25.0 Cash from operaWons before changes in operaWng assets and liabiliWes 82.4 536.8 1,834.6 877.9 1,656.6 Change in operaWng assets and liabiliWes: Accounts receivables -344.4 -150.5 -26.3 519.2 410.6 Prepaid expenses and other assets -78.6 67.2 -100.3 147.1 139.5 Accounts payable 96.5 9.9 213.6 -169.2 -239.4 Accrued and other current liabiliDes -191.4 -254.0 -152.2 -546.8 -366.1 Other long-term liabiliDes 0.0 0.0 0.0 0.0 -200.0 Net cash from operaWng acWviWes (A) -435.5 209.4 1,769.4 828.2 1,401.2 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of tangible and intangible assets -310.4 -253.2 -829.1 -836.3 -1,096.4 Net cash used in invesWng acWviWes (B) -310.4 -253.2 -829.1 -836.3 -1,096.4 CASH FLOWS FROM FINANCING ACTIVITIES Repayments of finance lease liabiliDes -16.9 -17.9 -46.3 -46.5 -56.7 Proceeds from and repayments of borrowings 0.0 9.3 -1,289.0 -688.2 -708.4 Cash payments for the interest porDon of lease liabiliDes -2.6 -2.5 -6.5 -6.8 -8.6 Interest paid on the long-term borrowings -7.8 -7.4 -5.4 -26.9 -27.1 Net cash from/(used in) financing acWviWes (C) -27.3 -18.5 -1,347.2 -768.4 -800.8 Change in cash and cash equivalents (A + B + C) increase (+) / decrease (-) -773.2 -62.3 -406.9 -776.5 -496.0 Cash and cash equivalents at beginning of period 1,888.2 1,302.2 1,521.7 2,016.1 2,016.2 Cash and cash equivalents at end of period 1,114.9 1,239.5 1,114.9 1,239.5 1,521.7
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 14 STATEMENT OF CHANGES IN EQUITY EUR thousand Issued capital Invested unrestr. equity reserve Retained earnings Total equity 1 January – 30 September 2026 Equity as at 1.1.2026 80 30,477 -27,927 2,630 Profit (loss) for the period 756 756 Share-based payments 19 19 Other adjustments 35 35 Equity as at 30.9.2026 80 30,496 -27,136 3,440 1 January – 30 September 2025 Equity as at 1.1.2025 80 30,675 -28,371 2,384 Profit (loss) for the period -252 -252 Share-based payments -199 222 23 Other adjustments 63 63 Equity as at 30.9.2025 80 30,476 -28,338 2,218 1 July – 30 September 2026 Equity as at 1.7.2026 80 30,486 -26,841 3,725 Profit (loss) for the period -303 -303 Share-based payments 9 9 Other adjustments 9 9 Equity as at 30.9.2026 80 30,495 -27,135 3,440 1 July – 30 September 2025 Equity as at 1.7.2025 80 30,474 -28,507 2,047 Profit (loss) for the period 149 149 Share-based payments 1 1 Other adjustments 21 21 Equity as at 30.9.2025 80 30,475 -28,337 2,218 1 January – 31 December 2025 Equity as at 1.1.2025 80 30,675 -28,371 2,384 Profit (loss) for the period 137 137 Share-based payments 22 3 25 Other adjustments -220 304 84 Equity as at 31.12.2025 80 30,477 -27,927 2,630
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 15 Notes to the financial statements 1. Company information Nitro Games Oyj (hereaVer ‘Nitro Games’ or the ‘Company’), is a Finnish mobile game developer and publisher. The company is experienced in developing games for the global gaming market. The Company’s headquarters are in Kotka, Finland, and it also has an office in Helsinki, the capital of Finland. The company was the first Finnish mobile gaming company listed at the Swedish Nasdaq First North Growth Market in Stockholm on June 16, 2017. 2. Basis of preparation These condensed interim financial statements (‘interim financial statements’) for the nine months ended 30 September 2026 have been prepared in accordance with IAS 34 Interim Financial Repor0ng and should be read in conjuncQon with the Company’s last annual financial statements as at and for the year ended 31 December 2025 (last annual financial statements). They do not include all the informaQon required for a complete set of financial statements prepared in accordance with IFRS AccounQng Standards. However, selected explanatory notes are included to explain events and transacQons that are significant to an understanding of the changes in the Company’s financial posiQon and performance since the last annual financial statements. These interim financial statements were authorized for issue by the Company’s board of directors on 26 October 2026. 3. Significant accounting policies The Interim Financial Statements have been prepared in accordance with the accounQng policies adopted in the Company’s most recent annual financial statements for the year ended 31 December 2025. 4. New and amended standards and interpretations AdopKon of IFRS 18 PresentaKon and Disclosure in Financial Statements The Company has early adopted IFRS 18 Presenta0on and Disclosure in Financial Statements from 1 January 2026. IFRS 18 replaces IAS 1 Presenta0on of Financial Statements and introduces new requirements for the presentaQon of financial performance The Company’s presentaQon of the statement of profit or loss has been updated to reflect the classificaQon of income and expenses into the categories required by IFRS 18, including operaQng and financing categories. The Company does not present an invesQng category, as it does not have invesQng acQviQes. The adopQon did not result in changes to the measurement or recogniQon of income and expenses. The Company’s previous presentaQon was largely aligned with IFRS 18 requirements, and therefore no restatement of comparaQve informaQon or changes to subtotals were necessary. The line item previously presented as “Finance income and expenses” has been renamed “Net financing result” to align with IFRS 18 terminology. The Company conQnues to present management performance measures as in prior periods. The adopQon of IFRS 18 has not resulted in changes to the definiQon or presentaQon of these measures. The adopQon of IFRS 18 affects presentaQon and disclosures only and has no impact on the Company’s reported profit, financial posiQon or cash flows. 5. Estimates and judgements When preparing the Interim Financial Statements, management undertakes a number of judgements, esQmates and assumpQons about recogniQon and measurement of assets, liabiliQes, income and expenses. The actual results may differ from the judgements, esQmates and assumpQons made by management. The judgements, esQmates and assumpQons applied in the Interim Financial Statements, including the key sources of esQmaQon uncertainty, were the same as those applied in the Company’s last annual financial statements for the year ended 31 December 2025. 6. Revenue and segment information OperaKng segments The Company has one operaQng segment. The Chief OperaQng Decision Maker (CODM), idenQfied as the Board of Directors and the Chief ExecuQve Officer, reviews the financial performance for the purposes of resource allocaQon and performance assessment. Although the Company operates as a single reportable segment, management monitors revenue based on different revenue streams, reflecQng the Company’s internal reporQng structure.
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 16 DisaggregaKon of revenue The revenues originate from two sources: Game revenue Game revenue includes revenue from consumers, either directly or through partners, minimum guarantees, revenue from adverQsing, merchandise, licensing and other exploitaQon of Nitro IP . Service revenue Service revenue includes revenue from services provided to partners, typically on a work-for-hire basis and oVen relaQng to partner-owned IP . Revenue from operations EUR Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Revenue from opera7ons 1,371,893 2,117,444 3,898,462 6,253,748 Game revenue 213,138 276,337 968,737 531,299 Service revenue 1,158,755 1,841,107 2,929,725 5,722,449 Revenue by geographical market Revenue is allocated based on the customer’s location. Revenue from B2B customers, including development services, licensing, revenue share and advertising, is allocated to the customer’s country. Revenue from self-published games sold through Apple App Store and Google Play is allocated to the end customer’s country as reported by the platform; revenue where the country is not available is presented under other countries. North America comprises the United States, Canada and Mexico. Comparative figures have been restated to reflect the revised allocation basis. EUR Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Revenue 1,371,893 2,117,444 3,898,462 6,253,748 Finland 2,145 308 2,185 449 Other EU countries 1,073,942 344,672 2,476,219 357,948 North America 35,059 1,541,330 420,664 5,455,594 United Kingdom 103,804 698 154,171 2,166 Other countries 156,942 230,435 845,224 437,591 Major customers In Q3 2026, two individual customers each accounted for more than 10% of the Company’s total revenue. Revenue from these customers amounted to approximately 1,060 KEUR (77.3%) and 148 KEUR (10.8%), respecQvely. A third customer accounted for approximately 100 KEUR (7.3%) of revenue in Q3 2026, below the 10% threshold. In total, the three largest customers accounted for approximately 1,308 KEUR (95.3%) of the Company’s total revenue of 1,372 KEUR. In the comparison period (Q3 2025), two individual customers each accounted for more than 10% of the Company’s total revenue, amounting to approximately 1,543 KEUR (72.9%) and 220 KEUR (10.4%), respectively. A third customer accounted for approximately 200 KEUR (9.4%) of revenue, below the 10% threshold. In total, the three largest customers accounted for approximately 1,963 KEUR (92.7%) of the Company’s total revenue of 2,117 KEUR. 7. Impairment of tangible and intangible assets The Company reviews the carrying amounts of its tangible and intangible assets on an annual basis (or more frequently if events or changes in circumstances indicate a potenQal impairment) to determine if there are any indicaQons that the assets have decreased in value. If any such indicaQons exist, the recoverable amount is set to determine the need to recognize an impairment. The Company has not observed any indicaQon of impairment in the Company’s assets in periods covered by this interim report. 8. Forgiveness of government-subsidised loan In Q2 2026, the Company's lender forgave the outstanding principal of a government-subsidised loan of EUR 1,612,826. In accordance with IFRS 9.3.3.3, the resulQng gain of EUR 1,612,826 (including reversal of EUR 12,096 of accumulated non-cash effecQve-interest accreQon) has been recognised in other operaQng income, and the loan has been derecognised from interest-bearing loans and borrowings as of 30 June 2026. In accordance with IAS 7.43, this is a non-cash transacQon. The gain is included within operaQng profit, which forms the starQng point of operaQng acQviQes in the statement of cash flows; the corresponding loan derecogniQon is presented as a deducQon within financing acQviQes (repayment of borrowings). Both amounts are non-cash and net to nil cash effect overall. See Note 10 and the secQon Cash flow and financial posiQon for further detail. 9. Share-based payments — stock option plan 2026 The accounQng policy for share-based payments is unchanged from that applied in the Company's annual financial statements for the year ended 31 December 2025. During Q2 2026, the Board of Directors granted 1,085,000 stock opQons under a new series, 2026, out of a maximum of 1,376,417 authorised by the Annual General MeeQng. The grant-date fair value of the 2026 grant was EUR 47,533. Total share-based payment expense recognised in profit or loss across all outstanding opQon series (2023A, 2023B and 2026) was EUR 18,815 for nine months 2026, of which EUR 12,374 relates to series 2026.
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INTERIM REPORT JANUARY - SEPTEMBER 2026 NITRO GAMES OYJ 17 10. Liquidity and refinancing risk Liquidity risk is the risk that the Company will not have sufficient funds to meet its financial obligaQons as they fall due. The Company manages liquidity risk through short-term and long-term cash flow forecasQng and by maintaining access to financing. Refinancing risk is the risk that the Company cannot refinance its maturing liabiliQes on acceptable terms. The Company seeks to manage refinancing risk by monitoring the maturity profile of its liabiliQes and maintaining an appropriate balance between short-term and long-term funding. In Q1 2026, the company drew down the final tranche of 340 KEUR relaQng to a government agency loan. In Q2 2026, the same lender forgave a separate, previously drawn loan of EUR 1,612,826 — see Note 8. The Company’s loan agreements do not include financial covenants. Non-discounted payment schedule: 30 September 2026 EUR 30.9.2026 2026 2027 2028 2029 2030– Total Interest-bearing liabiliDes 1,511,872 382,000 382,000 382,000 365,872 1,511,872 Lease liabiliDes 124,685 16,805 62,020 50,744 14,722 2,180 146,470 Total 1,636,557 16,805 444,020 432,744 396,722 368,052 1,658,342 30 June 2026 EUR 30.6.2026 2026 2027 2028 2029 2030– Total Interest-bearing liabiliDes 1,511,872 382,000 382,000 382,000 365,872 1,511,872 Lease liabiliDes 139,047 30,419 60,684 46,384 16,024 153,513 Total 1,650,919 30,419 442,684 428,384 398,024 365,872 1,665,385 11. Tax expenses Current tax The current income tax charge is calculated on the taxable income based on the tax rate and tax laws enacted (or substantively enacted) by the period-end date in the countries where the Company operates and generates taxable income. Current taxes are adjusted for the taxes of previous financial periods, if applicable. Current tax calculated on operaQng profit for the nine months ended 30 September 2026 has been fully offset by previous years’ tax losses. The effecQve tax rate for the period is 0%. Movements in deferred tax assets arising from tax loss carry forwards are analysed in the Company's annual financial statements only; no separate analysis of deferred tax movements is presented in this interim report.
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For Further information, please contact: Jussi TähAnen CEO, Co-Founder +358 44 388 1071 jussi@nitrogames.com Kotka office Juha Vainion katu 2 FI-48100 Kotka Finland Helsinki office Kaisaniemenkatu 4, 5th floor FI-00100 Helsinki Finland Business ID: 2134819-6